Patterns: AUD/CAD, EUR/CHF
|AUD/CAD 4H Chart: Trading between SMAs
The Aussie has been appreciating against the Canadian Dollar since the beginning of October after the exchange rate reversed north from a support level formed by the monthly S1 at 0.8858. The pair is currently trading between the 50-, 100- and 200-period SMAs.
Everything being equal, some potential upside movement could prevail in the nearest future. Bulls might pressure the AUD/CAD pair towards the resistance cluster at 0.9083.
However, the currency exchange rate needs to surpass the 200– period SMA and the monthly PP at 0.9003. If the resistance cluster holds, the currency pair might make a brief retracement down during the following trading sessions.
EUR/CHF 4H Chart: Bullish trend insight
The EUR/CHF currency pair has appreciated by about 1.13% in value since the beginning of October. The exchange rate breached both the 50-, 100– and 200– hour SMAs during this period.
As for the near future, the Euro will likely continue to edge up against the Swiss Franc. A potential breakout through the upper line of a four-month descending channel could occur.
If the breakout occurs, the currency exchange rate might enter a bullish market in the longer term.
However, the pair would have to surpass the resistance cluster at 1.0995 before it enters the bullish trend.
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